2026年加密市场：活动集中度将超越叙事动力

Source: CryptoNewsNet Original Title: Coinbase says three areas will dominate the crypto market in 2026 Original Link: According to a new market outlook, crypto markets are entering a phase where activity concentration matters more than narrative momentum, with 2026 framed as a test of whether crypto’s core markets can scale under more disciplined conditions.

The analysis argues that familiar crypto cycle models — built around retail speculation, token launches and protocol-specific catalysts — are becoming less reliable as institutional participation and market plumbing play a larger role in shaping price behavior.

Perpetual futures increasingly anchor price discovery

Perpetual futures have been identified as a central pillar of crypto market activity, with derivatives now accounting for the majority of trading volume across major venues. This shift has moved the mechanics of price formation toward positioning, funding rates, and liquidity conditions, rather than relying solely on retail-driven momentum.